A passage with three blanks,followed by five options, each containingone word, is given. Choose the word thatcan fill all the three blanks.
An __________ is a process of buyingand selling goods or services by offeringthem up for bid, taking bids, and thenselling the item to the highest bidder.Participants bid openly against oneanother, with each subsequent bidrequired to be higher than the previousbid. An auctioneer may announce prices,bidders may call out their bidsthemselves (or have a proxy call out abid on their behalf), or bids may besubmitted electronically with the highestcurrent bid publicly displayed. In aDutch ____________, the auctioneerbegins with a high asking price for somequantity of like items; the price islowered until a participant is willing toaccept the auctioneer's price for some quantity of the goods in the lot or untilthe seller's reserve price is met. Ineconomic theory, an ____________may refer to any mechanism or set oftrading rules for exchange.
A passage with three blanks,followed by five options, each containingone word, is given. Choose the word thatcan fill all the three blanks.
An __________ is a process of buyingand selling goods or services by offeringthem up for bid, taking bids, and thenselling the item to the highest bidder.Participants bid openly against oneanother, with each subsequent bidrequired to be higher than the previousbid. An auctioneer may announce prices,bidders may call out their bidsthemselves (or have a proxy call out abid on their behalf), or bids may besubmitted electronically with the highestcurrent bid publicly displayed. In aDutch ____________, the auctioneerbegins with a high asking price for somequantity of like items; the price islowered until a participant is willing toaccept the auctioneer's price for some quantity of the goods in the lot or untilthe seller's reserve price is met. Ineconomic theory, an ____________may refer to any mechanism or set oftrading rules for exchange. Correct Answer Auction
‘Assets’ mean things that have earning power or some other value to their owner. ‘Auction’ means a public sale in which goods or property are sold to the highest bidder. ‘Autarky’ refers to the idea that a country should be self-sufficient and not take part in international trade. ‘Arbitrage’ means the simultaneous buying and selling of securities, currency, or commodities in different markets or in derivative forms in order to take advantage of differing prices for the same asset. ‘Amortisation’ means the running down or payment of a loan by instalments. The given passage includes the presence of an ‘auctioneer’ who is defined as a person who conducts auctions by accepting bids and declaring goods sold. Thus, option 2 is the correct fit for all three blanks.